Dubai's Emirates NBD bank posts flat quarterly profit amid Iran war

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Emirates NBD has posted second-quarter profit that was little changed sequentially, as asset growth and margins stayed resilient, in the lender’s first set of results reflecting the Iran war’s impact across the full three months, Reuters reports.

Quarterly profit at Dubai’s largest bank by assets came in at 6.4 billion dirhams ($1.74 billion), ENBD said in a statement, unchanged from the first quarter.

The first quarter was only partly affected by the conflict, which began at the end of February, bringing turmoil to the region, including the Gulf’s business and tourism hub Dubai, which has witnessed strong growth in recent years.

The crisis has led to heavy disruption to travel and supply chains, prompting economic measures by the UAE authorities, including steps by the central bank to support banks’ liquidity. While flights and business have largely resumed, recovery in sectors such as hospitality could take longer.

 A man rides a bicycle past Emirates NBD head office in Dubai, UAE on January 30, 2018. — Reuters/File
A man rides a bicycle past Emirates NBD head office in Dubai, UAE on January 30, 2018. — Reuters/File

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